Statements of assets & liabilities prepared under single entry system is called:

Name: Statements of assets & liabilities prepared under single entry system is called:
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The statement of assets and liabilities prepared under the single entry system is called a Statement of Affairs. Unlike a balance sheet, which is based on a double-entry system, the Statement of Affairs provides an estimated financial position of a business when proper accounting records are not maintained.

Statements of Assets & Liabilities Prepared Under Single Entry System